SWITZERLAND

Currency: Swiss franc (CHF)

RTGS: SIC – SIX Interbank Clearing / EuroSIC

Message format currently in use: XML ISO 20022

ISO migration planned? Timeline: Live, since 2016

Governing body of the migration: Swiss Financial Centre Initiative

Coexistence vs Big Bang approach: N/A

Like-for-like vs Enhanced content: enhanced content

 Switzerland CHF ISO migration

Message format

Message format can be found under SIX’s website

Clearing System identification code: this field is mandatory and allowed to identify the clearing system in a coded form as published in an external list. This cannot be mapped into MT message format.

Member identification: this is a mandatory field too, it should be populated with an IID (=6n) that must be contained in the bank master data, active, and not concatenated. This field is also not mapped under the MT message format.

End-to-end identificationif provided in the payment instruction, should be carried throughout the payment chain. If none is provided, the value NOTPROVIDED should be used. This should not be confused with SWIFT’s UETR, and cannot be mapped to MT messages.

Ultimate debtor/creditor: Ultimate creditor and debtor information is enabled, as well as instructing party. None of these fields can be structurally mapped to an MT message. Passing this information down the chain is essential for reconciliation by corporate customers making use of payment/collection factories, which will make his use regular.

Structured Party Information:

The following rule are applicable to debtor and creditor.

  • If Name is present, then OrganisationIdentification/AnyBIC must not be used to identify the debtor
  • Postal Adress may only be used together with Name, using the structured elements StreetName, BuildingNumber, PostalCode, TownName, at the same time, then the unstructured element AdressLine is not permitted.

The use of structured addresses cannot be mapped into the MT format, therefore it may lead to data truncation.

Structured Remittance Information: is supported in EuroSIC’s guidelines. Structured remittance information cannot be mapped to MT and can provide essential information for compliance and reconciliation purposes. Banks should ensure they are not truncating remittance information, and take into account that extended remittance information can significantly bloat message sizes. Banks should ensure they either isolate their payment systems are adequately dimensioned.

Tax: Unlike in CBPR+ messages, Tax fields are not supported.

Other sources: